Monday, January 11, 2021

Great Signs of Market Improvement | December 2020 Real Estate Update

   




KEEP AN EYE OUT FOR MY END OF YEAR REAL ESTATE REPORT
COMING SOON!


December 2020 Real Estate Report


Hoboken

For the third month in a row inventory decreased in Hoboken to just 12.20 weeks.  This is always a good indicator of sales activity in the upcoming 30-60 days.

1, 2 and 3 BR units all saw price decreases over last month as the market still lagged a bit from the sluggish last few months.

Days on the market increased by 25.81% to 39 days for closed sales.



Downtown Jersey City

Available inventory decreased by 34.71% to 18.36 weeks as the market starts to heat up a bit.

The increase in activity is backed up by an increase in pending sales of 7.28% to 162 units.

With the pace of sales and pending sales increasing we may start moving back into seller's market territory.

Pricing increased 1.41% for 1BR units and dropped 5.13% for 2BR units.  2BR sales were down a whopping 23.43% when compared to this time past year.

3BR sales slipped 11.34%, but it was only based on a few sales which is why pricing for this segment is always so volatile.

Days on the market decreased 13.04% to 40 days.


Conclusion

I'm starting to see signs that the market is improving.  In both Hoboken and downtown Jersey City, we saw the pace of sales and pending sales increase. 

Days on the market increased, but that is reflecting sales that were under contract in the past 30-60 days. The increase in days on the market will continue to increase for next month or so as we shake off the sluggish last few months.






Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com

 

Thursday, December 17, 2020

End of the COVID Real Estate Slowdown? | November 2020 Real Estate

  




November 2020 Real Estate Report


Hoboken

Again for November, the pace of sales increased with only 18.04 weeks of inventory as compared to 20.80 weeks last month.  

Pending sales dropped 14.44% to 160 units, but are still 11.11% ahead of where we were last year at this time.

We're in a more balanced market which we're not used to seeing in Hoboken.

1, 2 and 3 BR units all saw price increases over last month and more importantly 2 and 3BR units saw large price increases from this time in 2019. 

There has been some softness in the 3BR market recently, but this market segment may be starting to firm up a bit.

Days on the market actually decreased this month by 13.89% to 31 days.



Downtown Jersey City

The pace of sales for downtown Jersey City slowed a bit for November with the absorption rate increasing 5.63% to 28.12 weeks.

Pending sales decreased just .67% this month and is 21.77% ahead of where we were at this time last year, which is encouraging.

We're in a more balance market in downtown Jersey City, but if the absorption rate continues to climb, we may enter into seller's market territory.

Pricing dropped 6.04% for 1BR units and 1.76% for 2BR units and are also off pace from 2019 figures.

3BR sales were up 41.76% but it was only based on a few sales which is why pricing for this segment is so volatile.

Days on the market increased 43.75% to 46 days.


Conclusion

While the Hoboken market showed signs of improvement, the downtown Jersey City still seemed to lag behind in November.  Hopefully with stable pending sales in downtown JC for this month we will see pricing rebound.

There is an expectation that uncertainties about the market and economy may start to diminish now that we have a viable COVID vaccine.










Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com

 

Thursday, November 12, 2020

Hoboken/Downtown Jersey City | October Real Estate Update | Where are We Headed?

  




October 2020 Real Estate Report


Hoboken

The pace of sales actually picked up a bit for Hoboken in October with only 20.80 weeks of inventory on the market as opposed to 26.31 weeks from last month.

On top of that, pending sales increased 3.89% to 187 units and total sales increased 20% to 84 units.

1 and 2BR units remained fairly steady with prices dropping 2.61% for 1BR and increasing 2.08% for 2BR units. 

3BR units showed some softness this month with prices dropping by 11.56%.  Many 3BR buyers have accelerated their home searches in the suburbs which has put a bit of downward pressure on pricing.

Days on the market increased slightly by 16.13% to 36 days.



Downtown Jersey City

The pace of sales also picked up in downtown Jersey City with only 26.62 weeks of inventory on the market in October, a decrease of 21.20%

1BR units saw a 10.57% increase in pricing, while 2BR units dropped 2.93% and 3BR dropped 9.80%.  3BR pricing follows in line with Hoboken in that 3BR buyers are moving more rapidly to the suburbs at the moment.

Days on the market increased slightly by 10.34% to 32 days.


Conclusion

We are still seeing some shifts in the market now which will start to show up in the data in about 6-8 weeks.  Properties are still selling, but there has definitely been more price negotiations than we have seen in the past.









Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com


Wednesday, October 14, 2020

Is The Market Starting to Shift? | Sept. 2020 Hoboken/Downtown JC Market Report

 




September 2020 Real Estate Report


Hoboken

The pace of sales slowed a bit this month, with the absorption rate increasing 37.17% to 26.31 weeks.  Pending sales dropped 2.17% while total sales dropped 21.35% to 70 sales.  Active listings was at 425 units.  These are levels that we haven't seen in a very long time.

The increase in inventory is a combination of pent up sales from the few months when we were shut down coupled with an acceleration of sellers moving out of the area.  

Increasing inventory coupled with decreased sales could start to push the market into buyer's market territory.

Even though pending sales are still strong, it seems like there's been a bit of a slowdown in the marketplace.

Pricing remained relatively flat, with 1BR and 2BR units both increasing by just .05% and 3BR units increasing a strong 17.70%.  The strength of the 3BR market has continued for some time as more and more families stay for the long-term in Hoboken.



Downtown Jersey City

The pace of sales also slowed down in downtown Jersey City, with the absorption rate increasing by 24.74% to 33.78 weeks as inventory continues to increase. Active listings climbed to 382 units.  These are levels that we haven't seen in a very long time.

Pending sales actually increased 9.86% to 156 units while total transactions dropped 18.33% to 49 units.

What's also interesting to note is that the days on the market decreased 36.96% to 29 days, which is impressive.

Pricing actually increased for 1BR and 2BR while 3BR pricing dipped. There aren't that many 3BR sales in the downtown area, so pricing will tend to be a bit more volatile.



Conclusion

Over the last few weeks it does seem like the market is going through some sort of change.  The fundamentals are still strong, but at the moment activity has slowed in the marketplace for some reason.  

With people working from home for the foreseeable future, the proximity to the PATH isn't playing as much of a roll as it has in the past. This is a very short-sighted view in my opinion.  New York City will always be a big draw for buyers once we move to a post-Covid economy.













Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com



Monday, September 21, 2020

Fundamentals are Strong...Pricing Down in Hoboken | August 2020 Stats Update




August 2020 Real Estate Report


Hoboken

More sales, selling at a faster pace...pricing dropped a bit.

Total sales for Hoboken jumped 64.81% for August to 89 units while the absorption rate dropped to 19.18 weeks which is down 39.65% from last month.  Pending sales also increased to 184 units, up 3.37% and days on the market dropped 12.12% to 29 days.

Pricing for Hoboken did drop a bit, from between 2.82% for 2BR condos to 8.96% for 1BR condos.

The data should have pointed to an increase in pricing but it showed the exact opposite.

Downtown Jersey City

More sales, selling at a faster pace...pricing increased slightly.

Total sales for downtown Jersey City jumped 66.67% to 60 units while the absorption rate decreased an impressive 32.22% to 27.08 weeks. Pending sales increased 2.90% to 142 units.

Pricing for 1BR and 2BR units increased by .09% and 2.29%, respectively.

Conclusion

As discussed in July, the increased sales activity in Hoboken and downtown Jersey City did help to absorb additional inventory as was shown by the decreasing absorption rates for Hoboken and downtown Jersey City.

The fundamentals of the market are solid at this time.  I'm not overly worried about the price decreases in Hoboken because they're still in line with previous monthly trends.

Continued demand and record-low mortgage rates are fueling market activity.









Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com




Thursday, August 20, 2020

The Market Rebounds | July 2020 Real Estate Report | Hoboken & Downtown Jersey City



Hoboken

July showed some resiliency for Hoboken with pending sales increasing 17.98% and total transactions also increasing by 8.00%.

The absorption rate increased 13.13% to 31.78 weeks, but average days on the market for properties dropped 29.79% to 33 days.

1 and 2BR prices were relatively stable, but 3BR prices dropped 14.39%.  The 3BR price drop was based on fewer sales than usual this month, so take it with a grain of salt.

Inventory has increased, but properties are starting to sell faster and general pricing is stable/slightly increasing from last month.

Downtown Jersey City

The pace of sales started to increase this month with the absorption rate decreasing by 26.60% from last month.

All of the pending sales that we've seen over the last few months have now started to close, as is shown by total transactions increasing by 63.64%.

1BR pricing increased by 8.63% while 2BR sales dipped by 6.39%.  


Conclusion

Overall, the market performed better in July with total and pending sales increasing and days on the market decreasing for both Hoboken and Downtown Jersey City.

The continued increase of pending sales should help absorb lingering inventory if the market continues to strengthen.
















Kevin G. Dowd
Broker of Record
Co-Team Leader The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com




Monday, July 13, 2020

8 1/2 Year Low for Total Sales in Downtown JC | June 2020 Real Estate Update



Hoboken

For June we saw a bit of a shift in the market.  There was a large increase in inventory which which wasn't met with increased demand.  As a result properties lingered a bit longer on the market which is shown by the increase in the absorption rate and days on the market.

Pricing stayed relatively steady for June with only 2BR sales dipping 2.77%.

Days on the market also increased 56.67% which also supports the market slowing down a bit.

The market slowing down doesn't automatically mean that prices are going to drop.

Downtown Jersey City

Things slowed down a bit more in downtown Jersey City with the absorption rate increasing to 54.43 weeks which is an increase of 53.86%.  Total sales dropped to 22 units, which is the lowest it's been since January 2012.

Pending sales did increase to 107 units which was a 48.61% increase.

With so few sales it's a bit difficult to get the true read on pricing.

Let's see how the pending sales convert in the next 1-2 months. 












Kevin G. Dowd
Broker of Record
Co-Team Leader The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com